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Bankruptcy

  • What is bankruptcy?
  • How does bankruptcy work?
  • How do I qualify for bankruptcy?
  • Is bankruptcy right for me?
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Home > Debt Solutions > What is bankruptcy?

What is bankruptcy?

Bankruptcy is a formal debt solution. It’s one way you can clear your debts in 12 months and you can apply online. However, it can have long-lasting effects on you and you should consider these before applying.

It’s best suited for people who can’t afford to pay their debts off within a reasonable timeframe. That means if you owe a lot more than your existing income and any assets you own, it might be right for you.

The main ways you can go bankrupt is if a creditor petitions for your bankruptcy or if you apply for bankruptcy yourself. If you’re on an IVA and you don’t keep to the terms of this, it’s also possible that your IVA supervisor could apply to make you bankrupt.

Finding out more about bankruptcy

As bankruptcy is a formal insolvency, there’s a lot to get your head around. Read our ‘How does bankruptcy work?’ page for an easy-to-understand explanation of the bankruptcy process and how you go about applying for it. We’ll also look at whether you’ll have to pay anything while you’re bankrupt or after your bankruptcy is over.

Bankruptcy isn’t for everyone – it’s only for clearing certain debts. And if a creditor applies for bankruptcy against you, there’s a minimum amount you have to owe. We’ll take you through all of the qualifying criteria on our ‘How do I qualify for bankruptcy?’ page.

As we mentioned, there is a lot to consider when it comes to bankruptcy. Although it can be the right solution for some people and help them clear their debts, it can have negative effects too. We’ll tell you more about the consequences of bankruptcy on our ‘Is bankruptcy right for me?’ page.

After you’ve read all of this, you should be closer to making an informed decision about whether or not bankruptcy could help with your debts. Don’t worry if you’ve still got doubts or questions though. You can give us a call to speak to one of our debt advisors or request a call back for more information.

We don’t offer a bankruptcy service but if we think it is the most suitable solution for you, we’ll signpost you towards the relevant services for this. You can read more about it on the Gov.uk website.

Continue to the next section How does bankruptcy work?

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Additional Customer Benefits

Our customers get access to additional services to help improve their financial circumstances. These include:

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Legal advice on associated debt issues

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Looking for friendly help and advice?

Check out our easy-to-read articles and helpful guides if you have any questions about managing your money or if there’s something you just don’t understand about your debts.

If you’d prefer to talk to someone about your debt worries, you can give a member of our team a call on 0800 048 1764 for some impartial advice.

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Signposting to services

If you're struggling with debt, you might also benefit from access to additional support services. Our signposting to services page provides details of relevant charities and other organisations that could help you.

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HB Financial Solutions Ltd, trading as Harrington Brooks is now Gregory Pennington Limited.

Your payments into a Debt Management Plan are protected and compensation could be available from the FSCS if there are any shortfalls in funds held on a customer’s behalf.

Gregory Pennington Limited (c) 2018. Registered office: Think Park, Mosley Road, Trafford Park, Manchester M17 1FQ. Registered in England and Wales. Co Reg No. 2855061 Authorised and regulated by the Financial Conduct Authority for its consumer credit and insurance and mortgage mediation activities. Regulated by the Claims Management Regulator in respect of regulated claims management activities.

One Advice Ltd, trading as Harrington Brooks IVA is now Freeman Jones Ltd, trading as Harrington Brooks.

Freeman Jones Registered office: Think Park, Mosley Road, Trafford Park, Manchester M17 1FQ. Co Reg No 4348410. Registered in England and Wales. Regulated by the Claims Management Regulator in respect of regulated claims management activities. Freeman Jones Limited is an appointed representative of Gregory Pennington Limited for its credit broking and insurance and mortgage mediation activities, which is authorised and regulated by the Financial Conduct Authority.

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